Culp (NYSE:CULP) Coverage Initiated at StockNews.com

StockNews.com started coverage on shares of Culp (NYSE:CULP) in a research note published on Tuesday morning. The firm issued a hold rating on the textile maker’s stock.

Culp Stock Performance

Shares of NYSE CULP opened at $5.29 on Tuesday. The stock has a market cap of $65.97 million, a price-to-earnings ratio of -4.77 and a beta of 1.21. Culp has a fifty-two week low of $4.25 and a fifty-two week high of $5.99. The firm’s 50-day simple moving average is $4.93 and its 200 day simple moving average is $4.68.

Culp (NYSE:CULP) last issued its quarterly earnings data on Friday, June 28th. The textile maker reported ($0.39) EPS for the quarter, topping the consensus estimate of ($0.44) by $0.05. The firm had revenue of $49.53 million during the quarter, compared to the consensus estimate of $49.76 million. Culp had a negative return on equity of 16.42% and a negative net margin of 6.13%. During the same period in the prior year, the business posted ($0.38) earnings per share.

Insiders Place Their Bets

In other news, major shareholder Aron R. English acquired 22,125 shares of Culp stock in a transaction on Wednesday, July 10th. The stock was acquired at an average cost of $5.00 per share, with a total value of $110,625.00. Following the transaction, the insider now owns 1,308,469 shares of the company’s stock, valued at approximately $6,542,345. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Culp news, Director Jonathan Lee Kelly bought 5,200 shares of the stock in a transaction dated Monday, July 22nd. The shares were bought at an average cost of $5.36 per share, for a total transaction of $27,872.00. Following the purchase, the director now directly owns 48,571 shares of the company’s stock, valued at approximately $260,340.56. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Aron R. English purchased 22,125 shares of the business’s stock in a transaction that occurred on Wednesday, July 10th. The stock was bought at an average cost of $5.00 per share, for a total transaction of $110,625.00. Following the completion of the acquisition, the insider now directly owns 1,308,469 shares in the company, valued at approximately $6,542,345. The disclosure for this purchase can be found here. Insiders have bought 102,172 shares of company stock valued at $507,138 in the last three months. 6.60% of the stock is currently owned by insiders.

Institutional Trading of Culp

Hedge funds have recently added to or reduced their stakes in the stock. Essex Investment Management Co. LLC bought a new position in shares of Culp during the 4th quarter valued at approximately $256,000. Vanguard Group Inc. grew its holdings in Culp by 4.2% during the first quarter. Vanguard Group Inc. now owns 485,420 shares of the textile maker’s stock valued at $2,330,000 after purchasing an additional 19,640 shares during the period. Finally, Gate City Capital Management LLC purchased a new stake in Culp in the fourth quarter worth $6,010,000. Institutional investors own 75.05% of the company’s stock.

About Culp

Culp, Inc manufactures, sources, markets, and sells mattress fabrics, sewn covers, and cut and sewn kits for use in mattresses, foundations, and other bedding products in the United States, North America, the Far East, Asia, and internationally. It operates in two segments, Mattress Fabrics and Upholstery Fabrics.